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"The positive influences on the market was the result we had from Westpac Bank, which wouldn't set your ears back but it exceeded most expectations," Mr Heffernan said.

Mr Heffernan described Westpac's result, as "workmanlike", similar to the results from NAB and ANZ last week but very good compared with counterparts overseas.

"When you look at the banks here, not only are they making profits - in the US and the rest of the world they are making losses - not only that they are paying dividends and very strong ones at that," Mr Heffernan said.

"They've performed very well indeed in this very difficult environment."

At 1622 AEDT, the spot price of gold in Sydney was US$1,083.60 per fine ounce, up US$19.63 on Tuesday's closing price of US$1,063.97.

Gold stocks ended higher.

Lihir Gold was up 14 cents, or 4.42 per cent, at $3.31, while Newcrest Mining increased $1.07, or 3.21 per cent, to $34.45.

"Gold is certainly the flavour of the day," Mr Heffernan said.

"Kingsgate Consolidated and AngloGold were two of the biggest movers on the market today."

AngloGold gained 70 cents, or 8.32 per cent, to $9.11, while Kingsgate was 79 cents, or 10.39 per cent, higher at $8.39.

Mr Heffernan said the building approvals and retail sales data also gave the market some support.

"Building approvals are going almost gangbusters at the moment and even retail sales, when you look at it on a trend basis, which is good indication for the longer term, is relatively strong," Mr Heffernan said.

Building approvals rose 2.7 per cent in September, while retail sales were down 0.2 per cent in the month on a seasonally adjusted basis.